Report
India approves sale of 60.72% stake in IDBI Bank to Fairfax for ₹52,878 crore
The Economic Times reports the government will retain 15% and LIC 19%, with both withdrawing their board nominees.
TLDR
The Economic Times reports that India approved the sale of a 60.72% stake in IDBI Bank to Fairfax for ₹52,878 crore. Citing the Finance Ministry, it says the government will retain 15% and Life Insurance Corporation of India (LIC) will hold 19%. Both will withdraw their board nominees and become public shareholders. The government has also authorized a mechanism to sell its remaining stake on the open market.
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